On Friday, 5 April 2013 the Federal Government announced its proposed changes to superannuation laws, aimed at creating what they claim will be a more equitable and sustainable retirement income system

The following is a summary of the announced key areas of change:

Changes to the tax exemption for earnings on superannuation assets supporting income streams.

Did you know that Australian citizens 16 years old or older, applying for a new TFN can apply for their tax file number (TFN) on the web, which means no longer having to post confidential proof of identity documents to the ATO. After submitting the application online, applicants need to take their documents to a participating Australia Post retail outlets for identity confirmation.

A recent decision handed down by the Fair Work Commission (previously known as Fair Work Australia) reinforces the vital role that employment policies play in the modern Australian workplace.

Australia's increasingly complex employment laws impose a number of obligations upon employers when it comes to paying employees. This month we'll look at these obligations in detail to help ensure you and your business are complying with the law.

1 Finding the right minimum wage

The first question you probably asked yourself when you last hired a new member of staff was 'how much do I need to pay them?'. Finding the right minimum wage can be much harder than you may think.

The Self-Managed Superannuation Fund (SMSF) sector in Australia is nearly a third of the whole superannuation market and over the last decade, SMSFs have increased in value from $83 billion to $474 billion. Within the next decade it's expected that the sector will reach $3 trillion. This growth creates a number of challenges for the sector in the future. There is evidence to suggest that many people have been convinced by advisors to move into SMSFs with relatively small balances and without a proper understanding of their responsibilities as trustees.

Whilst this is an emerging problem, there are other major challenges, particularly for older trustees as the administration and complexities can become a burden for them ... There are some steps that trustees can and should adopt to ease the burden and plan for future uncertainties.

'Phillipsons' Private Wealth Service puts you in control, so your investments are working for you while you relax ...'

For more from Ian on this important topic and how Phillipsons' Wealth Management Service provides a solution, click here.

Businesses should seriously consider product liability insurance if they are in a service industry whre their product has the potential to injure customers. This issue has reared its head again, following a case in South Australia involving McDonald's coffee being spilled on a patron's leg.

McDonald's is being sued by the female customer, who claims that she received burns from the hot liquid as a result of the person who handed her the cup not fully fastening the lid.

If you think this sounds familiar, you might be thinking of the 1984 suit brought against McDonald's in the US, when Stella Liebeck won a $US2.8 million payout for a similar incident.

As these cases become more common, it highlights the wisdom of considering purchasing product liability insurance if you are in the business of producing or serving something that has even the slightest possibility of injuring someone. It will certainly reduce your risk of huge expense on a case in which you have little hope of winning.

Discuss risks to your business with your Phillipsons advisor – we have information and contacts to help you guard against the potential financial risks you face.

A word from Fred Strauss, our Investment and Markets Research Consultant

Gold is a favourite of many investors who see an investment in Gold as protection against economic and political crises or as a hedge against inflation and currency devaluation.

As an investment, Gold has significant shortcomings. Gold is unproductive and does not generate any cash flow and, if you own one ounce of Gold for an eternity, you will still own one ounce at its end. Gold is purchased in the investor's hope that someone else, who also knows that the investment will be forever unproductive, will pay more for it in the future. This type of investment requires an expanding pool of buyers, who, in turn, are enticed because they believe the buying pool will expand ....

With only 2 months of the financial year to go, it is time to plan for the year ahead. Watch out for our June issue, which will address some of the considerations for FY2014.

But even before that, it is with baited breath that we await the upcoming Federal budget – the signs point to a tough one! Watch out for our special e-bulletin on 15 May, which will contain our analysis of the budget and what it means to small business.

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